NCHL enables CIT ESG Retirement Fund deposit in any bank branches and via CORPORATEPAY service

Deposit of the ESG Retirement Fund to Citizen Investment Trust (CIT) on behalf of the employees of any firm or company can now be done through any of the bank branches and CORPORATEPAY system. The respective companies can now make bulk deposit to CIT on behalf of their employee based on the Submission Number and Office Code of the company generated through CIT's e-service portal (http://eservice.nlk.org.np/ ), from its bank branch and from CORPORATEPAY system. The deposit of the amount up to Rs. 20 Lakh can be done in real-time whereas amount higher than and up to Rs. 20 crores can be deposited on deferred basis.  

The institutional clients can provide the CIT payment details to its bank, who can initiate the transactions on behalf of the respective institution. The institutional clients can also use CORPORATEPAY system to make such payments directly from its bank account. For all such payments, the client details at CIT are automatically updated. Logging in to https://corporatepay.connectips.com, the institutions can directly make such payments through their bank accounts linked in CORPORATEPAY by selecting CIT Phatbari under Government Payment available under Service Payment option. Enabling of retirement fund deposit at CIT through bank branches and CORPORATEPAY is expected to benefit more than 3 lakh institutions and support CIT in its drive towards automation. This was earlier done through cheques and deposit at specific bank with manual reconciliation and reporting.

CIT has been using NCHL systems through its settlement banks for repayment of loan against deposits from its account holders through connectIPS, mobile banking and bank branches. It has also been using NCHL systems for direct account deposit of the disbursements made by CIT to the beneficiaries.